Every now and again you have to be reminded of the anti-social, anti-democratic forces we're up against. So, I thought I'd give some publicity to a seminar being run today and tomorrow at the Institute of Directors in London by PWC, Credit Suisse and Development Economic West Switzerland.
What's on offer? This:
international companies pay less than 10% tax and can enjoy a 10 year tax holiday at 0%. This seminar will explain how to utilise a Swiss company for European and global business, presenting international case studies.
And who is a star turn? Why, PWC who offer two seminars. The first is:
Enticing Tax Benefits & Corporate Taxation - everything you need to know
The second looks even better for the high net worth individual:
Private Client - Lump sum taxation. Inheritance Tax. Ordinary taxation. Pensions. Real Estate Investment
Credit Suisse join in with:
Switzerland as a banking centre - myths and truths. Banking secrecy and what it means today?
This is about using sovereign territory to undermine the legitimate taxation income stream of other countries. The perpetrators are regular members of what we call 'the pinstripe mafia'. The event is held at the IoD, always an opponent of social reform of any sort, and it's been promoted by, amongst others AccountingWEB, the largest UK accounting website. I happen to have been a contributing editor of the latter and am still paid by them for contributions I make, so I must declare an interest. I have no control whatsoever over their adversing policy. But this event casts all associated with it in poor light. You can't be a responsible citizen and undermine the state and your hands aren't clear of corruption if you are associated with the mechanisms by which it may be undertaken, even if you don't believe you sell them yourselves.
Banking secrecy, tax holidays, low tax rates, aggressive tax planning, capital flight and the secrecy of the Swiss Cantons involved are all mechanisms used to undermine the well being of most people in the world. We still have a long way to go in tackling this enormous abuse perpetrated by the great, good and respectable within our societies against the ordinary people of the world.